Article summary
The article title is “Microeconomics: Factors of Consumer Decision-Making” by Marc Davis. The article focuses on the choices consumer make before deciding on buying a product or service. Most economists agree that price is the major factor that affects consumer’s decision-making process, but Davis argues that price might not be the only deciding factor. In addition, economics argue that all factors remaining constant, the price of a product is inversely proportional to its demand. Davis focused on the opportunity cost and elasticity as other factors that influence consumer choice and demand for goods or services. Price changes, and Continue reading...